If all other things seem to be order in your life, procrastination might be keeping you from achieving your financial goals. For some, it’s so easy to put off that first, second, or third step toward a more secure future because it’s habit to back burner actions or decisions that aren’t immediately critical.
Is Procrastinating Holding You Back?
While there are legitimate emotional and psychological reasons behind the habit of procrastination, it may have deleterious effects on your wallet when:
- Income potential drops. Time is money. A procrastinator may have just as many opportunities to make money, but more often than not, they slip away. Both the stock market and real property deserve their reputations for increasing wealth over time. The latter offers a few more benefits as an investor since rental properties increase cash flow and offer tax benefits, as well as appreciating over the longer term.
- Reputation takes a hit. It doesn’t take long for people who live in a deadline-driven environment to lose confidence in others who are often late or don’t deliver on their commitments.
- Self-confidence diminishes. If your accomplishments are part of your self-esteem, procrastination will take a toll on it. The hallmark of procrastinating is not getting things done on time. You won’t be able to give yourself the kudos you deserve for a job done on time and well.
- Health suffers. Studies show that chronic procrastinators are prone to more stress-related illnesses, like heart disease and high blood pressure. It’s also easy for them to put off decisions to eat healthier or exercise more.
How to Stop Procrastinating
Although it isn’t easy to replace old habits with new ones, but the ramifications of financial procrastination could lower your quality of life. If you feel blocked by the forces of inertia, consider these tips to stop procrastinating and make it easier to take control of your financial future:
Find Something That You Enjoy
It’s easier to focus your energy when you’re involved in activities that interest you. Investment opportunities run the gamut from the abstractions involved in money market investments to the real with property ownership.
Break out what you need to do to initiate the process into its smallest parts. You may find it helpful to use a whiteboard to outline the major steps, and as you think through the project, list the detail the job involves under the appropriate section. Don’t worry about getting it done all at once. Give yourself permission to let your thinking percolate and make changes or additions as you go through the exploration process.
Acknowledge Your Limits
You will probably need to rely on others with a few specialized skills to help you get from the desire to get started to the commitment and follow-through. If property ownership interests you, consider joining a networking group locally or online. Biggerpockets.com has a diverse, active network of real estate investors from whom you can learn and share your experiences. Talking with property management companies will also give you insight into the scope of services they provide for their clients.
The hallmark of procrastination is the ability to put off making decisions or taking actions. However, if you look at your investment activities as if they were as essential as eating and sleeping are, you might find it easier to move forward with wealth building and management.
Talk to one of our investment specialists to learn how JWB can help you earn passive income through long term real estate investing.